The owners of Forbes Media LLC are hoping to convince potential buyers it should be valued like a fast-growing digital media business, but people familiar with Forbes’ financial performance say that could prove a hard sell for a company that still has firm roots in a declining print advertising market.

Forbes Media, publisher of Forbes magazine and Forbes.com, generated slightly less than $20 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, last year, people familiar with the company’s financial performance said. Forbes doesn’t disclose details of its financial performance; a spokeswoman says it is profitable and on track in 2013 for its best financial performance in six years.

Given prevailing valuations for print and digital businesses such as those owned by Forbes, such earnings would put an about $200 million price tag on the company, one media banker said. That roughly is where several suitors, including traditional media companies, pitched first round offers that were reviewed this week, said a person familiar with the situation.

But Forbes eliminated those bidders, the person said. Forbes’ owners, primarily the Forbes family, are hoping the company will fetch between $400 million and $500 million, said another person familiar with the situation. Remaining parties in the auction are expected to submit new bids for Forbes Media next month, the person said, and have indicated a willingness to pay more than the bidders who were eliminated. The company has received high levels of interest from potential bidders, a spokeswoman said.

The Forbes family has a big incentive to get the price closer to $400 million. Private-equity firm Elevation Partners LLC holds a significant minority stake in the company, which it acquired in 2006 for $264 million. Under the terms of its investment, Elevation has the right to redeem its remaining interest in Forbes in 2016. Elevation is still owed the bulk of that amount. That suggests the sales price needs to be well above $200 million for the family to recoup any money from a deal.